Qatar Central Bank Raises Gold Holdings Again

Source:

The Qatar Government increased its gold holdings by a factor of fifteen between April 2006 and April 2007.

It has attracted the attention of the Middle Eastern Press that the Qatar Government increased its gold holdings by a factor of fifteen between April 2006 and April 2007. The central Bank of Qatar is carrying out a reserve diversification policy and stated last year that the euro would be one of the alternative currencies into which it would diversify. Gold is clearly also another element of this programme, with the holdings amassed to date amounting to 0.28 million ounces or 8.8 tonnes. At $650/ounce, these holdings comprise 3.4% of Qatar's gold+foreign exchange holdings combined.

Based on the latest figures from the International Monetary Fund, the world average level of gold holdings at the end of April, at $650/ounce, was 10.4%. Stripping out the holdings of the supra-national organisations, then the average holding among the central banks of IMF members was 13.6%.

Meanwhile in the rest of the Middle East, where it must be allowed that information is patchy as some member countries have not reported their gold holding levels for some time, the IMF reports that gold holdings amount to 956 tonnes, and have increased by just over eight tonnes over the twelve months to April, with reactions in holdings reported from "oil-exporting countries" and a small increase in Omani holdings. Middle Eastern holdings overall amount, on the basis of these figures, to seven per cent of the region's total foreign exchange holdings.

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe